Teacher pensions opt out

[Yorkieorange]

Has anyone tried opting out? I opted out in September (started new school) but still got deducted. Received the opt out email. was hoping I get refund in next pay. Today I got an email to say

opt out first reminder

I refer to your Opt Out form, submitted to
xxx on 27/09/2023 for completion of your service and salary details. Unfortunately your employer has not yet submitted your online form to Teachers Pensions with this information.

You may wish to contact your employer regarding this matter. Teachers’ Pensions cannot proceed with your application until the form is submitted by your employer.

I never sent anything… does this mean I am still going to be deducted?

someone please help :( I can’t afford it

Don’t opt out, your future self can’t afford it

Hi @isthewashingdryyet I know. You are right. But I really can’t afford it right now :(

Can you tutor to make the xtra cash ?
Or waitress at the weekend ?

you don’t really get much more in your take home as the tax and NI clobber it and you are giving up one of the best pensions around

As a single parent I opted out during maternity leave. I had no option as I knew I couldn't afford full time childcare otherwise. However, I've still not opted back in due to the cost of living. I fully intend to as soon as possible. However, I know that i will have money coming another way to make up for this. There is no way I could teach full time, be a single mum and have another job on top of it.

Op- you need to fill in an opt out form for your HR dept to process. Most schools don't do anything unless it's done the paper way. Contact HR and hopefully they will get back to you quickly.

@niclw thanks for that. Is it not done online? I filled the online opt out form from teacher pensions website

I know you say you cant afford it but teachers pension is the best! I retired recently and my pension is well above the average wage plus I got a great lump sum. Try to pay it if at all possible- its so worth it!

Now if you're not in receipt of the old style Final Salary pension here then I'll eat my hat. The career average scheme of these days isn't nearly as good.

Please don't opt out!

David Fountain whose an ex teacher and a bit of a whizz about teachers pensions advises again and again about how good the teachers pension is.

He even says that the career average one is pretty good,

Treat it like tax, you have no choice in paying that.

PLEASE think hard before doing it!

I have opted out until the youngest gets some funded hours at childcare (12 months and counting!).
I did the online form on TPS and I believe school have processed it BUT they don't stop deductions until the 1st of the month AFTER they receive the form. So I sent mine in early Oct, I still got deductions in Oct but shouldn't from Nov. It says 'accepted' on my TPS messages as well. Chase your school to get it done!

If you have a partner have they stopped their pension contributions too? You should really try not to stop your contributions, you will regret it. We talk a lot about the gender pay gap but the gender pension gap is huge.

I've just noticed you started a new school- as you opted out more or less as soon as you started they do have to refund you the deductions taken (minus tax because of the relief you get on contributions normally) so you should get the majority back in time too.

Just on the partner thing- mine has the option to reduce contributions to a minimum of 4% which he has done and is obviously substantially less than the 9% I think it is I pay on UPS3. So although our teacher pension is excellent it's a shame we have no say in how much we contribute at a given time.